MUMBAI: India's Kotak Mahindra Prime plans to raise 2.50 billion rupees ($31.50 million) through reissuance of 6.55% April 2025 bonds, three merchant bankers said on Thursday.

The company will offer a yield of 7.33% to investors and has invited bids from bankers and investors on Friday, they said.

The bonds are rated AAA by CRISIL, and the issue will close for subscription on Monday. ($1 = 79.3700 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia Editing by Vidya Ranganathan)